スペインは、欧州中央銀行や、欧州金融安定機構によるスペインの国債購入に厳しい条件を付けてもらいたくないので、申請をずるずる引き延ばし、ドイツはスペイン国債購入による損失の危険を被りたくないし、ほかの国が真似をしたら困るので、様子見をしているので、欧州中央銀行総裁のマリオ·ドラギ(Mario Draghi)は、マリアノ=ラホイ大統領とアンゲラ·メルケル首相に決断を任せる
Draghi pasa la pelota a Rajoy y Merkel
El presidente del BCE alaba las reformas españolas, pero evita pronunciarse sobre la ayuda.
“Son los Gobiernos los que deben decidir lo que quieren hacer”, destaca
Claudi Pérez Ljubiana 4 OCT 2012 - 15:23 CET
Passes the ball to Draghi and Merkel Rajoy
ECB President praises Spanish reforms, but avoids ruling on aid.
"Governments are the ones to decide what they want to do," says
Claudi Perez Ljubiana 4 OCT 2012 - 15:23 CET
He should be punished start a sentence with a chronic Casablanca, but here goes: "Here you are playing." The sudden discovery in Rick's Café is worth sometimes to markets, accustomed to bet based on first-hand, or on speculation, often in that strange combination of analysis and intuition that are self-fulfilling prophecies. This time the play can break the bank: Reuters has already announced the rescue to Spain for this weekend, the Government denies that immediacy in his way, and the members of the euro are divided between those who push Rajoy to climb that ladder and who prefer to continue in no man's land. In short, "here is being played" in the middle of the dash, the European central banker, Mario Draghi, on Thursday exercised croupier and left the decision up to Rajoy and Chancellor Angela Merkel, who are in the middle of negotiations. With markets hanging on every one of his movements, Draghi got tired of throw balls out on all the thorny issues that are on the table in Europe, which are many. The key is Spain. And that chose to be Florentine Madrid does not want a bailout with harsh, Spain Berlin does not want be an example for other countries to go after demanding the same treatment, and Frankfurt decided to wait and see.
moreGermany immediately slows rescue SpainThe ECB kept interest rates despite the European recessionSo we've told Draghi intervention in Eskup
So it is, but Draghi may have precipitated the events. He preferred a conciliatory and sympathetic to a point with Spain in the press conference after the ECB council meeting in an enclave near Ljubiana, the capital of Slovenia. "We see significant progress in fiscal consolidation and reform program, among which highlighted the bank-wide." Revealed that the appeal of Spanish banks to the ECB has dropped, the result of lower voltages, something that had not happened since a year ago. "Spain is still important challenges ahead, but the agenda of measures announced, legislated and approved is remarkable," he said. Even threw a cloak the Government to ensure that Madrid has already covered "almost 90% of its debt maturities," ignoring that percentage is based on budgeted data, not in the final, which will be higher. And he only said that he is "ready to act", that their bond purchase program could be activated at any time if a country (Spain, but also Italy) requested rescue and accept the associated conditions. In any case, "it is the governments to decide what they want to do," he said over and over again in the press conference.
He did not answer the question of whether Spain can leave this without ransom, nor did a single clue about whether or not it bothers you is extended negotiation. But just after the appearance before the media briefly this newspaper explained the reasons for this studied silence: "I put away. I have to be distant because the risk of the ECB to interfere too much in a decision that is clearly politics is high. " "The request of rescue lies with the governments," he reiterated.
Draghi, in a moment of his speech. / Srdjan ZIVULOVIC (REUTERS)
Of governments: ie not just Rajoy. The governor of one of the continent's major central banks clarified that position to the country: "Spain is reluctant to call the rescue; Rajoy has his reasons. And Germany is reluctant, as was made clear [Finance Minister Wolfgang] Schäuble, for other reasons and it should go through the Bundestag. "
That negotiation, it will mark the Spanish and European politics in the coming days, maybe weeks: basically, according to several sources, Spain wants to ensure that the reforms and cuts already approved, and commended for Draghi, are a kind of safe conduct to avoid new dose of scissors would be devastating to the ailing Spanish economy, which in principle supports the European Commission. But Germany and its allies do not want to hear about mild conditions to prevent other countries to follow that path. The solution does not just appear. It is also about numbers: for Spain, the rescue should take a substantive reduction in the risk premium, while neither Draghi or Schäuble want to hear about putting a ribbon. Some sources claim that the government wants assurances that the country risk will drop to about 200 points (that interest rates would be around 3.5% for the 10-year bond), while Berlin thought to be sufficient to ensure the 400 points. The difference is huge in terms of cost of financing.
The hearing was for more, but the preferred eurogobernador saved bullets in the chamber: in less than a year and has a handful of pleasant surprises, and you may have to re-wet if the outlook worsens. Cut rates at its first meeting, and turned them down to 0.75% in those held since July, the ECB did not play on Thursday the price of money, but not closed any doors. Avoided a financial accident almost a year ago with a bold move, the open bar liquidity of a billion euros in August and advanced procurement "unlimited" bond whenever a country to request a bailout conditions: Thursday said everything is ready to push that nuclear button, a kind of anathema in Germany, but ruled out new measures by the moment, waiting to see how the arsenal at hand if Spain really choose that play. The next move is up to Rajoy, Merkel also. "Here we are playing."
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